JPMorgan published a research report stating that during the november 11 shopping festival-related period, the volume of express packages in china reached a record high, with a year-on-year increase of 25%, while pricing trends remained stable. The e-commerce market is entering a new stage, and it is expected that competition will be more moderate by 2025. Traditional platforms like Taobao/Tmall and jd.com are stabilizing their market positions, while pdd holdings continues to grow by offering high-value commodities.

The bank continued to indicate that data from October shows e-commerce growth benefiting from stimulus policies and the early start of the november 11 shopping festival-related, with online retail sales increasing by 10% year-on-year and home appliance sales rising by 39%. Industry data shows the growth rates of parcel volumes, physical commodity GMV, and retail sales are accelerating again, positively responding to economic stimulus.

Additionally, the trend of reverse logistics is becoming increasingly important, and companies with strong logistics capabilities stand to benefit the most, especially those that can effectively manage returns and leverage networks to enhance service quality. The competitive landscape in the logistics sector is being reshaped, favoring those with more exposure in reverse logistics and live e-commerce, and those that can improve efficiency through AI or reduce costs via economies of scale, such as jd.com logistics (02618) and zto express (02057), both rated as 'shareholding'.